Section 53, THE BANK OF SIERRA LEONE ACT 2019

(1) In order to conduct its operation and financialactivities the Bank may open and maintain cash deposit accounts on its books for - (a) banks and other financial institutions made subject to the supervision of the Bank by this Act or any other enactment and public entities; (b) foreign banks, central banks, international financial institutions and, where appropriate, foreign government organisations and donor organisations. Monetary Policy. Opening of accounts. No. 5 Bank of Sierra Leone Act 2019No. 5 Bank of Sierra Leone Act 201930 31 (2) The Bank shall not open accounts on its books for individuals or enterprises except for its own staff and shall determine the conditions for opening accounts on its books. (3) The Bank may open and maintain cash and security accounts on the books of- (a) banks and other financial institutions made subject to the supervision of the Bank by this Act or any other enactment; (b) central banks, foreign banks, depositories and international organisations. (4) The Bank may open accounts for, accept deposits from and make credit available only to the Government, funds and institutions controlled by the Government, statutory bodies and licensed financial institutions in Sierra Leone approved by the Board and act as banker to those funds, licensed financial institutions and the other institutions.